EMISSIONS: EC to Propose New 2040 Climate Target in 1Q 2025

Reuters reporting comments from Kremlin spokesperson Dmitry Peskov, stating that there are “no specific preparations” underway for a meeting between Russian President Vladimir Putin and US President-elect Donald Trump, appearing to counter Trump, who said at a press conference last week: “[Putin] wants to meet, and we are setting it up”.

• Peskov said on a potential Putin-Trump meeting: “There is only an understanding of the political will – we shall watch the situation.”
• On conditions for a ceasefire in Ukraine, Peskov said: “The issue of security guarantees for both Ukraine and Russia is an integral part of any possible settlement of the Ukraine conflict.”
• On US sanctions enacted on Friday, described by White House official Daleep Singh as “the most significant sanctions yet on Russia’s energy sector,” Peskov said: “It is clear that the United States will continue to try to undermine our companies… such decisions are bound to destabilize global energy, oil markets.”
• Peskov added: “We will monitor the situation and configure the companies' activities… We will seek to minimise the impact of these sanctions.”
• In a call on Friday, US President Joe Biden updated Ukrainian President Volodymyr Zelenskyy on US efforts to “surge support to Ukraine and strengthen its position vis-à-vis Russia.”
• Semafor reports that the new US sanctions “will severely curb Russian fossil fuel exports to India and China”, forcing India and China “to look to the Middle East, Africa, and the Americas for alternatives.”

Equities will be watched not only for Earnings, but Friday is also Option expiry, although these will be lower in Notional Terms than what we normally see during Quarterly Expiries - Notable Earnings:

• Wednesday:

Blackrock, BoNY, Citi, GS, JPM, Wells.

• Thursday:

TSMC, BoA, MS, United Health, US Bancorp.

• Friday:

State street.

The trend structure in WTI futures remains bullish and the contract is again trading higher, today. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $72.05. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important short-term resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.1, the 50-day EMA.

• WTI Crude up $1.14 or +1.49% at $77.67
• Natural Gas up $0.19 or +4.66% at $4.179
• Gold spot down $4.93 or -0.18% at $2685.01
• Copper up $1.7 or +0.4% at $432.1
• Silver down $0.36 or -1.2% at $30.0535
• Platinum down $6.63 or -0.69% at $959.3